I have been asked by an acquaintance to partner with them in starting a new business. This person needs a partner in order to procure funds. I am not being asked to invest any of my own money, I am only needed as a backing partner in order for the business to gain financial need and get started. Which type of partnership would offer the most advantages in this situation? What would be the most secure?
2007-04-02 14:21:06 · 2 answers · asked by Anonymous in Business & Finance ➔ Small Business
To be on the safest side you really do need a lawyer. There are so many variables that you need someone who is an expert to advise you.
2007-04-02 14:26:24 · answer #1 · answered by ttpawpaw 7 · 0⤊ 0⤋
The best partnership is NO PARTNERSHIP. Never, never, never form a partnership. You are liable for anything the partner does. Instead, form an LLC or s-Corporation.
2007-04-05 16:50:13 · answer #2 · answered by jdkilp 7 · 0⤊ 0⤋